linked with the sales and with every increase / decrease in the
sale, such expenditure also increase / decrease e.g. Transportation, Hamali Wages ... there can`t be any situation
where despite there being huge turnover around Rs. 30 crore yet however, not a
single penny on account
Profit was due to increase in the
cost of raw material and decrease in sale realization. We
find that the AO did not give ... there is increase in turnover, therefore the gross
profit ought to have been increased instead of
decreasing. We are of the view that such reasoning
arises how to determine the profit element. For this purpose, the
total turnover and percentage of gross profit for the earlier 3 years was
obtained ... gross profit rate was also
decreasing every year and in the year under consideration it has decreased to
3%. It is also an established fact
Assistant Commissioner Of Income ... vs C.G.Jute Udyog Limited,, Raipur on 19 February, 2016
Burnpur Cement Ltd., Asansol vs Department Of Income Tax on 19 October, 2016
IN THE
